Elon Musk , who recently bought a 9.2 % stake in Twitter , has made an fling to buy the company instantaneously for $ 54.20 per contribution in cash in a hostile takeover of some $ 43 billion , according to documents filedwith the SEC . Musk said in the filing that if his offering is n’t accepted , he ’ll likely sell all his shares .
Musk , the wealthiest individual in the public with a net worth of roughly $ 260 billion , made newspaper headline earlier this calendar month when it was herald he buy anenormous sliceof Twitter that made him its large shareholder . Musk was going to join the board , but back out at thelast minuteamid surmise he may want to just buy the entire society .
That venture turned out to be correct , with Musk threaten to take his ball and go home if he ca n’t take the company private with his bid .
Photo: Suzanne Cordeiro / AFP (Getty Images)
“ I invested in Twitter as I conceive in its potential to be the chopine for free spoken communication around the ball , and I believe innocent speech is a societal jussive mood for a run commonwealth , ” Musk enunciate in hisSEC filingabout the hostile takeover .
“ However , since making my investment I now substantiate the fellowship will neither fly high nor process this social imperative form in its current descriptor . Twitter needs to be transformed as a individual caller , ” Musk uphold .
“ As a solution , I am offering to buy 100 % of Twitter for $ 54.20 per share in hard cash , a 54 % premium over the day before I began investing in Twitter and a 38 % premium over the twenty-four hour period before my investment was publicly announce . My offer is my best and final offer and if it ’s not accepted , I would call for to reconsider my position as a stockholder , ” Musk compose .
“ Twitter has over-the-top voltage . I will unlock it . ”
The written document makes clear Musk ’s crack of $ 54.20 per share , a premium of over 50 % , is his net offer , sound out he ’s “ not act the back - and - forth game . ” Twitter convened an emergency brake plank satisfy a party all - hands Thursday in response .
“ If the deal does n’t cultivate , give that I do n’t have authority in management nor do I conceive I can drive the necessary change in the public food market , I would ask to reconsider my military position as a stockholder , ” Musk said .
“ This is not a threat , ” Musk said in what was clearly a scourge . “ It ’s simply not a good investment funds without the changes that need to be made , ” Musk continued .
The billionaire spoke at duration about hisideas on free speech laterin the 24-hour interval during an interview at the TED conference . He tot up that , if his hostile takeover conk out , he has formulate a “ plan B ” but did not elaborate .
He also spar spar with one of the companionship ’s largest stockholder , a Saudi-Arabian royal — where else?—on Twitter .
Billionaire Al Waleed bin Talal wrote , “ I do n’t believe that the proposed offer by @elonmusk ( $ 54.20 ) come nigh to the intrinsic economic value of @Twitter , given its growth prospects . Being one of the largest & long - term shareholders of Twitter , @Kingdom_KHC & I reject this offer . ”
The SpaceX CEO responded , “ Interesting . Just two question , if I may . How much of Twitter does the Kingdom own , directly & indirectly ? What are the Kingdom ’s panorama on journalistic exemption of manner of speaking ? ”
Musk is a frequent tweeter and often gain stark and jejune jokes on Twitter that can get him into difficulty . The 50 - year - old recently floated the approximation of changing the name of Twitter to “ Titter ” and once nip a meme comparing Canadian Prime MinisterJustin Trudeau to Adolf Hitler . Both tweets were deleted by Musk .
And do n’t even get us started on Musk ’s jest about the portion cost of Tesla , something that buzz off him aslap on the wristfrom the SEC . When you ’re the wealthiest mortal in the world , a fine of just $ 40 million is the kind of patsy alteration you find in your couch cushion .
Musk was sued this workweek by an investor in Twitter over his failure to properly break his huge stake in the company . Legally , Musk was required to lodge a notification with the SEC once he buy 5 % of Twitter . But Musk did n’t file away the right paperwork until April 4 , a fullten day late . The person who ’s action Musk in this casing sold his share during that period of illegal secretiveness and fall behind money as a result .
What happens now ? Twitter has to adjudicate whether to go for this generous fling , or plow it down and divvy up with a portion of pissed off shareholders .
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